EconomyLens.com
No Result
View All Result
Tuesday, June 17, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Economy

C.Africa urges lifting of embargo on diamond exports

Andrew Murphy by Andrew Murphy
November 12, 2024
in Economy
Reading Time: 8 mins read
A A
0
59
SHARES
738
VIEWS
Share on FacebookShare on Twitter

The Central African Republic wants the total lifting of an embargo imposed on the export of its diamonds for more than a decade. ©AFP

Bangui (Central African Republic) (AFP) – The Central African Republic (CAR) sought Tuesday to convince the regulatory body for global diamond trading to lift all restrictions against it, ending an export embargo in place for more than a decade. The Kimberley Process (KP) regulatory body opened its plenary assembly in Dubai on Tuesday under the presidency of the United Arab Emirates.

Related

Spain says ‘overvoltage’ caused huge April blackout

Trump says EU not offering ‘fair deal’ on trade

UK automakers cheer US trade deal, as steel tariffs left in limbo

Global oil demand to dip in 2030, first drop since Covid: IEA

US retail sales slip more than expected after rush to beat tariffs

The CAR wants a total lifting of the embargo imposed since a political and military crisis sparked civil war in 2013, after decades of violence, instability, and coups. Mines and Geology Minister Rufin Benam Beltoungou highlighted at the opening session his government’s efforts towards the return of peace and meeting the criteria for the lifting of the embargo, according to a statement by his ministry posted on Facebook. He has previously said — after KP experts visited in September — that “the conditions (for lifting the embargo) are now met since, on our side, the security problem no longer arises.” In addition, “the minimum traceability requirement has been resolved,” he argued at the time.

For the first time since 2015, the expert team was able to see the situation on the ground. Although the civil conflict lost intensity in 2018, the country still suffers bouts of violence and remains deeply poor. The team went to several mining sites to verify compliance of extraction and marketing practices with international standards, designed to prevent the export of “blood diamonds” mined in conflict zones. “I dare to believe the (KP) report will make recommendations in favour of the Central African Republic,” Paul-Crescent Beninga, a member of the KP’s Civil Society Working Group, told AFP in an interview in the capital Bangui, while expressing caution. “The dynamic of the delegation of experts was very positive, although that does not mean the outcome will necessarily be a happy one,” he warned.

Gem quality diamond deposits make up — together with gold — one of the CAR’s most precious resources. Mining and research permits have been issued to Chinese, American, Rwandan, and also Russian groups linked to the Wagner mercenary group backing the ruling regime. The effect of sanctions on the CAR has been deep-seated. In 2011, two years before a military coup which degenerated into a long-drawn-out civil war, the country officially earned 29.7 billion CFA francs (around $50 million) from 323,575.30 carats of diamond exports. Last year, the total figure stood at just 324.3 million CFA francs, according to official figures.

The sanctions “should have been lifted as soon as constitutional order was restored in March 2016”, Luc Florentin Simplice Brosseni Yali, director general of the KP’s permanent secretariat in Bangui, said to AFP. However, they were only partially lifted in 2015, contrary to what happened in Angola, Ivory Coast, and Sierra Leone, he added. Today, a third of the 24 diamond mining zones listed in the CAR have been declared “green” zones allowing them to export, whereas the remaining “red zones” still face sanctions. “The situation of residents in these production regions is deplorable,” Brosseni Yali said. He said that a return to normal levels of economic activity would aid “the restoration of peace by offering young people a path different from that of weapons.”

During the KP assessment mission, “I saw young people and women kneeling down to ask the experts to lift the sanctions,” he said. Brosseni Yali added that “the restrictions have only penalised the government, not the rebel groups (as) they do not prohibit exploitation of mining fields, only the export of extracted diamonds.” The artisanal miners operate the sites, sell their production to whoever wishes to buy and the diamonds end up in a contraband system.

During the last UN General Assembly in New York, President Faustin Archange Touadera called for a total lifting of the embargo, emphasising his country was now “relatively stable.” But, despite efforts to expand state authority across the whole country, “the security situation remained volatile… owing to recurrent armed clashes over access to mining sites and influence over main road axes,” the latest report from the UN force, MINUSCA, said. An International Monetary Fund team, for its part, noted progress on the security front after a visit to Bangui in late September. But it also highlighted “the still unfavourable” business environment, regulatory uncertainty, and “persistent insecurity in certain mining areas.” The KP’s meeting in Dubai, which runs until Friday, is the second full gathering of the year exclusively held for KP participants and observers.

© 2024 AFP

Tags: Africaminingsanctions
Share24Tweet15Share4Pin5Send
Previous Post

Stock markets retreat on Trump tariff worries

Next Post

Bayer shares hit 20-yr low as problems pile up

Andrew Murphy

Andrew Murphy

Related Posts

Economy

Why stablecoins are gaining popularity

June 17, 2025
Economy

Bank of Japan holds rates, will slow bond purchase taper

June 17, 2025
Economy

Ecuador pipeline burst stops flow of crude

June 16, 2025
Economy

Yen slides ahead of Bank of Japan policy decision

June 16, 2025
Economy

War, trade and Air India crash cast cloud over Paris Air Show

June 16, 2025
Economy

China factory output slows but consumption offers bright spot

June 16, 2025
Next Post

Bayer shares hit 20-yr low as problems pile up

EU vessels to cease fishing in Senegal after accord expires

Nations to submit boosted climate plans: what's at stake?

UK to beef up its emissions cuts as it bids to be 'climate leader'

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

New York ruling deals Trump business a major blow

72

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

US retail sales slip more than expected after rush to beat tariffs

June 17, 2025

Taiwan tests sea drones as China keeps up military pressure

June 17, 2025

G7 leaders urge Trump to ease off trade war

June 17, 2025

Oil prices rally, stocks slide as traders track Israel-Iran crisis

June 17, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.